The global syringe and needle market has been segmented on the basis of end-user, therapeutic application, type, usability, and lastly region. Based on end users, this market has been segmented into diagnostic centers, home care, hospitals & clinics, and others. On the basis of therapeutic application, the market has been segmented into cardiovascular, dental, diagnostic, general surgery, neurology, ophthalmology, orthopedics, respiratory, urology, and others.
Syringes and needles are sterile devices that are used to inject solutions into the body. Market Research Future (MRFR) has published a research report about the global syringe and needle market that anticipates increase for this market with 5.5% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
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The key factors enhancing the growth of global syringe and needle market include growing government funding to support clinical trials, growing prevalence of chronic ailments, increasing adoption & demand for safety syringes and needles over conventional reusable syringes and needles, increasing older population, increasing partnerships between biopharma companies and CROs, and investments in the research and development (R&D) that are resulting from these partnerships. However, the factors that can hamper the market growth include high risks of infections associated with the administration of drugs by syringes and needles.
The regional segmentation of the global syringe and needle market segments the global market into regional markets namely The Americas (North America and South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). In the Americas, North America is a bigger market than South America due to advanced technology and medical facilities. North America market growth is due to factors including increased prevalence of chronic diseases, increasing spending for syringe and needle R&D, the presence of key pharmaceutical companies in this region, rising older age, and technological advancements. The most important country-specific markets in this region are the United States of America (USA) and Canada.
Europe is the second largest regional market. It holds a remarkable share in the global syringe and needle market due to various government legislative reforms whose purpose is to provide regulatory guidelines to manufacturing companies. During the forecast period, the European market is expected to grow due to the growing need for better healthcare infrastructure, growing R&D, and the need for advanced treatments. Due to reasons same as The Americas, Western Europe is a bigger market than Eastern Europe. Most of the strongest economies in this region are in Western Europe. The cream of market revenue in European market includes France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Western Europe.
The MEA region is expected to witness the least growth in the market during the forecast period. This is because of major factors such as lack of awareness, limited access and affordability of treatment facilities, and low government support due to healthcare not considered a priority. In the Middle East, the United Arab Emirates (UAE) is the largest market owing to the rising healthcare expenditure. The overall growth of the healthcare sector is also slowly driving this market. Other key country-specific markets in this region are Kuwait, Oman, Qatar, and Saudi Arabia, followed by the rest of the MEA region.
Key Players
The key players in the global syringe and needle market include Alcon Laboratories Incorporated (USA), Becton, Dickinson & Company (USA), B. Braun Melsungen AG (Germany), Light Medical Products Co., Ltd. (USA), Medtronic plc. (Ireland), Retractable Technologies Inc. (USA), Parker Dayton Technology Suzhou Co., Ltd. (China), Smiths Medical (USA), and Terumo Corporation (Japan).
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